The purpose of switching on a Cash Sweep is to ensure cash can be automatically invested without you having to manually invest the funds each time funds are transferred into the account. This is also because when cash comes to Mason Stevens, it will sit in the Self-Directed portfolio.
The sweep occurs every month on the 22nd (or next business day) and must meet the below requirements:
- The amount being invested in the existing managed portfolios is at least $5,000; and
- The managed portfolios total minimum initial investment has been met.
The cash sweep negates the need for the minimum investment or additional amount to be met when investing into a model.